Common use of Conversion of Accumulated Sick Leave Clause in Contracts

Conversion of Accumulated Sick Leave. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert seventy-five percent (75%) of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage under the City's group health insurance plan. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of between twenty-one (21) and twenty-five (25) years of total service with the City of Sparks may elect to convert the following percentages of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage under the City's group health insurance plan on a monthly basis. Years of Continuous Service Conversion Percentages 21 80 22 85 23 90 24 95 25 100 The account is assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate at the time of retirement. The City will account for a retiree's accumulated sick leave and xxxxx said account on a dollar-for-dollar basis. The City will pay the retiree's medical coverage so long as there is a balance of accumulated sick leave conversion funds. The fund to which the accumulated sick leave balance is credited does not accrue interest and does not have cash value. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage from the City Health Insurance Plan so long as there is a balance of accumulated sick leave conversion funds, or the retiree agrees to pay for the costs themselves. A surviving spouse will continue to receive medical coverage as set forth in Section 3, Article A (4) so long as there is a balance of accumulated sick leave conversion funds, or the coverage is paid for by the surviving spouse. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described above.

Conversion of Accumulated Sick Leave. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert seventy-five percent (75%) of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage under the City's then-existing group medical health insurance plan. or the Public Employees Benefit Plan (PEBP) or successor to the PEBP, on a monthly basis. 1. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of between twenty-one (21) and twenty-five (25) years of total service with the City of Sparks may elect to convert the following percentages of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage under the City's then-existing group health medicalhealth insurance plan or the Public Employees Benefit Plan (PEBP) or successor to the PEBP, on a monthly basis. Years of Continuous Service Conversion Percentages 21 80 22 85 23 90 24 95 25 100 The account is would beis assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate at the time of retirement. The City will account for a retiree's accumulated sick leave and xxxxx debit said account on a dollar-for-dollar basis. The City will pay the retiree's medical coverage so long as there is a balance of accumulated sick leave conversion funds. The fund to which the accumulated sick leave balance is credited does not accrue interest and does not have cash value. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage from the City Health Insurance Plan so long as there is a balance of accumulated sick leave conversion funds, or the retiree agrees to pay for the costs themselves. .. A surviving spouse will continue to receive medical coverage as set forth in Section 3, Article A (4) so long as there is a balance of accumulated sick leave conversion funds, or the coverage is paid for by the surviving spouse. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described above.

Conversion of Accumulated Sick Leave. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of between twenty (20) years of total service with the City of Sparks may elect to convert seventy-five percent (75%) of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage under the City's group health insurance plan. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of between twenty-one (21) and twenty-five (25) years of total service with the City of Sparks may elect to convert the following percentages of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage health benefits under the City's ’s group health insurance plan plan, or other subsidy on a monthly basis. Years of Continuous Service Conversion Percentages 21 80 22 85 23 90 24 95 25 100 The account is would be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate multiplied by the conversion percentage at the time of retirement. The City will account for a retiree's accumulated sick leave and xxxxx debit said account on a dollar-for-dollar basis. The City will pay the retiree's medical coverage so long as there is a balance of accumulated sick leave conversion funds. The fund adequate to which cover the accumulated sick leave balance is credited does not accrue interest and does not have cash valuemonthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage from the City Health Insurance Plan so long as there is a balance of accumulated sick leave conversion fundsadequate to cover the monthly premium, or the retiree agrees to pay for the costs themselves. A surviving spouse will continue to receive medical coverage as set forth in Section 3, Article A (4) under this benefit so long as there is a balance of accumulated sick leave conversion fundsadequate to cover the monthly premium, or the coverage is paid for by the surviving spouse. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described above. The fund to which the accumulated sick leave is credited does not accrue interest and does not have cash value. The City pays for the retiree's medical coverage by debiting the monthly cost of such coverage out of the appropriate City fund.

Conversion of Accumulated Sick Leave. Employees retiring Upon ratification by the Association and approval by the City Council and not retroactive to July 1, 2008, employees qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert seventy-five percent (75%) a percentage of the employee's accumulated sick leave balance to an unfunded city City account for the purpose of paying for medical coverage under the City's then existing group health insurance plan. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of between twenty-one (21) and twenty-five (25) years of total service with the City of Sparks may elect to convert the following percentages of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage under the City's group health insurance plan or the Medical Plan offered through the Public Employees Benefit Plan, on a monthly basis. The schedule of conversion is as follows: Years of Continuous Service Conversion Percentages Percentage 20 75% 21 80 80% 22 85 85% 23 90 90% 24 95 95% 25 100 years or more 100% The account is would be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by times the employee's base hourly rate at the time of retirement. The City will account for a the retiree's accumulated sick leave and xxxxx debit said account on a dollar-for-dollar basis. The City will pay the retiree's medical coverage so long as there is a balance of accumulated sick leave conversion funds. The fund adequate to which cover the accumulated sick leave balance is credited does not accrue interest and does not have cash valuemonthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage from the City Health Insurance Plan so long as there is a balance of accumulated sick leave conversion funds, or adequate to cover the retiree agrees to pay for the costs themselvesmonthly premium. A surviving spouse will continue to receive medical coverage as set forth in Section 3, Article A (4) under this benefit so long as there is a balance of accumulated sick leave conversion funds, or adequate to cover the coverage is paid for by the surviving spousemonthly premium. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described abovedescribed. The fund to which the accumulated sick leave is credited does not accrue interest and does not have cash value. The City pays for the retiree's medical coverage by debiting the monthly cost of such coverage out of the appropriate City fund. Should an employee transfer into this contract from another unit or resolution within the City, the employee will retain the conversion benefit earned under the previous contract.

Conversion of Accumulated Sick Leave. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of between twenty (20) years of total service with the City of Sparks may elect to convert seventy-five percent (75%) of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage under the City's group health insurance plan. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of between twenty-one (21) and twenty-five (25) years of total service with the City of Sparks may elect to convert the following percentages of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for medical coverage health benefits under the City's City‟s group health insurance plan plan, or other subsidy on a monthly basis. Years of Continuous Service Conversion Percentages Percentage 20 years or more 75% 21 80 years or more 80% 22 85 years or more 85% 23 90 years or more 90% 24 95 years or more 95% 25 100 years or more 100% The account is would be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate at the time of retirement. The City city will account for a retiree's accumulated sick leave and xxxxx said account on a dollar-for-dollar basis. The City will pay the retiree's medical coverage so long as there is a balance of accumulated sick leave conversion funds. The fund adequate to which cover the accumulated sick leave balance is credited does not accrue interest and does not have cash valuemonthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage from the City Health Insurance Plan so long as there is a balance of accumulated sick leave conversion funds, or adequate to cover the retiree agrees to pay for the costs themselvesmonthly premium. A surviving spouse will continue to receive medical coverage as set forth in Section 3, Article A (4) under this benefit so long as there is a balance of accumulated sick leave conversion funds, or adequate to cover the coverage is paid for by the surviving spousemonthly premium. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described above. The fund to which the accumulated sick leave is credited does not accrue interest and does not have cash value. The City pays for the retiree's medical coverage by debiting the monthly cost of such coverage out of the appropriate City fund.